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In Conversation: Matt Warman MP at Fintech Week London

Fintech Week London took place in July as the first live in-person fintech event since the pandemic. Over the course of five days, the industry’s key players came together to discuss all things fintech, from open banking to digital ID and cryptocurrency to collaboration.  During the event, The Fintech Times spoke to Matt Warman MP, Minister for Digital Infrastructure, UK, to discuss the UK’s Digital Identity Framework and the role digital identity has to play within fintech.

“I think it’s clear that digital identities will enable smoother, cheaper, more secure online transactions that will, in turn, simplify people’s lives and boost business confidence, particularly in fintech,” he said.

To watch the interview in full click here. 

Warman advised that they will be publishing a formal public consultation alongside an updated government framework, covering legislative proposals, with the aim to boost the use of digital identities and enable them to be built on a far greater range of authoritative datasets, faster and more securely.

“This consultation will also include proposals for a governing body to own and manage the trust framework, ensuring that the right protections are in place for consumers and businesses, as well as enabling organisations to prove that they meet the relevant requirements. This will also provide reassurance to the public that it is properly regulated, as we envisage that the new governing body will have a flexible oversight that will allow the market to grow while providing essential protections for consumers.

“I’m really looking forward to working with you all on this consultation, because the engagement with fintech and other stakeholders is absolutely at the heart of developing policies that work for business, for fintech and the broader public as a whole.”

Finally, he concluded: “The government can’t do this on its own, we’ve got to work together and being genuinely collaborative is so important.

“I hope you will continue to support, to listen and to challenge us as we drive forward our delivery and make our collective ambition to bolster fintech across the economy a genuine reality.”

To watch the interview in full click here. 

Author

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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